Town chief executive Derek Bowden answered questions from fans both via the club's Ipswich World service and from the London Branch of the Supporters Club yesterday. For the first quizzing he was joined by club chairman David Sheepshanks.

Bowden will face further questions from fans on Monday evening at a public meeting set up by Ipswich Town First, the newly-formed Supporters Trust.

The meeting is open to all and is at the Galleria in the Greene King Stand with Anglia TV's Stuart Jarrold compering. Doors open at 7pm for a 7.30pm start. Entry is free for members and £2 for non-members.

Yesterday Bowden revealed that the club's finances have improved since administration. He said that, as reported by TWTD at the time, the club's debt was potentially as high as £70 million.

The CVA restructured some of that debt while players leaving has meant that cash owed on their contracts will no longer have to be paid.

Bowden says the club's situation is improving: "We are in much better shape than we were before the administration. The debt before administration was £44 million, the debt is now £31 million. The debt has not disappeared, it has been rescheduled."

At the London meeting he explained the CVA in more detail as well as talking about the club's expectations for the forthcoming share issue.

He spoke about the restructuring of the debt and confirmed that the club is now operating without an overdraft.

The vexed subject of Thomas Gaardsøe's transfer was broached with Bowden reiterating that it was a football not a financial decision to allow the Dane to join West Brom.

Chairman David Sheepshanks, who will start working only two days at the club from this month, had earlier defended his running of the club in the Ipswich World session: "We have had to operate in the most hostile environment that there has ever been, but we have got ourselves in a much better position now.

"We have rescued the club in the face of appalling adversity. We are secure although it is still very tight. The final part of the jigsaw in terms of the financial rescue plan is to have the share issue."

The share issue is on course and likely to take place in October.

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